Comment by childintime
10 hours ago
1. So there was no certification of the certifiers?
2. This is stupidity that rises to the level of being malicious. There is no excuse, this was a fraud. Their business was literally to promise security and.. make a profit. Nothing was ever delivered.
> promise security and.. make a profit
Some would argue the inherent moral hazard makes these opposing outcomes that cannot be achieved simultaneously.
The company had a valuation of about $500million USD (converted from INR) before the incident. Now it's likely worthless, because of an incident that could have been prevented by hiring one competent person.
Moral hazard describes situations where an entity is incentivized to take undue risk. With an upside of saving a single Indian endineers salary and a downside of destroying the entire company, it's safe to say the market wasn't incentivizing this. They were just stupid.
Like a web-of-trust model?